FA Whitepapers


July 2016  

Brexit: What does Vanguard think? 

  • The vote will have a significant impact on the U.K. and European economies, with global implications, but the effects may be years in the making.
  • The most immediate ramifications will be continued uncertainty and political change in the United Kingdom.
  • The IMF projects U.K. GDP could be more than 1% lower by 2021 under its most favorable scenario.
  • Given that it may take several years for the specifics to play out, each of which may rattle the markets, the best protection is broad diversification.

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